Description

Designed for accounting, auditing, and attestation practitioners at all levels in public accounting and business and industry, this course provides a detailed review of the multitude of FASB and AICPA standards and reports issued over the past few years, including a discussion of the FASB’s Stage 3 PIR report on ASC 606. It also provides an overview of recent PCAOB inspection report findings and SEC rulemaking activity. Through hands-on examples and illustrations, this course will help you apply the guidance in practice. We further discuss other important A&A practice matters to be aware of, including an update on the quality management standards and soon-to-be-effective requirements for engagement quality reviews.

Target Audience

Accounting, auditing, and attestation practitioners at all levels desiring to remain up to date on recent pronouncements and other standard setters’ activities

Course Objectives

• Recall and apply recently issued and proposed FASB and AICPA pronouncements

• Understand the key findings of the FASB's PIR report covering revenue recognition in ASC 606

• Understand the main provisions of SASs No. 146 to No. 149

• Identify other important A&A practice matters to be aware of

• Understand the key findings in recent PCAOB inspection reports

• Utilize hands-on examples and illustrations to demonstrate an overall understanding and application of the material

Subjects

• Recently issued but newly implemented Accounting Standards Updates (ASUs), the PCC Update, and items on the FASB's Technical Agenda

• New ASUs covering disaggregated expenses, crypto assets (e.g., cryptocurrency), and business combinations

• Results and findings of the FASB's Final (Stage 3) Post-Implementation Review (PIR) Report on Topic 606

• Recently issued SASs and other AICPA activity through SAS No. 149

• Detailed review of the three new Statement on Quality Management Standards (SQMS 1, SQMS 2, and SQMS 3)

• Other important A&A practice matters

Prerequisites

Experience in accounting and attestation